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National Company "KazMunayGaz" JSC (KMGZ) KZT

Sector: Oil & gas (national oil company)

KMGZ

Price chart

34 800 KZTDay 0.14%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
34 800 KZT · 0.14%
Market cap
22858.6 bn KZT

Growth

Δ revenue y/y
10.7%
Δ EBITDA y/y
—

Multiples

P/E (LTM)
15.2x
P/B (FY)
1.8x
P/E (ann.)
5.9x
EV/EBITDA (LTM)
18.1x
EV/EBITDA (ann.)
9.6x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
-7.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+29.7%
↓ details

Liquidity

Daily turnover (KASE)
104 400

Shares: kase_book/KMGZ

Financial results

Monetary columns are in B KZT, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB KZTOperating profitB KZTD&AB KZTEBITDAB KZTNet profitB KZTOperating CFB KZTCapex + M&AB KZTAssetsB KZTEquityB KZTROE (annualized)Net debtB KZTSource
2026-03-31Q1 2026 (3M)PARTIAL2480.9
y/y 10.7%
—
y/y —
0.0
y/y -100.0%
—
y/y —
—
y/y —
0.3—19003.2
y/y 0.9%
—
y/y —
—-1.7Report (PDF)
2025-12-31Q4 2025 (3M)OK4871.0
y/y -2.6%
300.3
y/y —
371.0
y/y 215.1%
671.3
y/y —
537.6
y/y -1.3%
956.4-1150.418848.4
y/y 11.3%
12386.3
y/y —
8.5%2534.8Report (PDF)
2025-09-30Q3 2025 (3M)OK-1943.4
y/y 21.2%
-63.5
y/y 16.8%
-172.4
y/y -63.4%
-235.9
y/y -29.9%
428.2
y/y 203.3%
-345.6-780.420324.7
y/y 14.4%
12908.0
y/y 16.8%
10.3%2722.1Report (PDF)
2025-06-30Q2 2025 (3M)OK2259.2
y/y 6.2%
340.9
y/y 46.5%
172.0
y/y 9.5%
512.9
y/y 28.1%
337.9
y/y -2.8%
516.5—19053.9
y/y 8.5%
12054.2
y/y -31.3%
9.0%2333.5Report (PDF)
2025-03-31Q1 2025 (3M)OK2241.3
y/y 0.6%
137.0
y/y -39.6%
181.0
y/y 11.5%
318.0
y/y -18.3%
196.5
y/y -34.6%
427.5—18836.0
y/y 10.2%
11811.9
y/y 14.8%
—-1675.3Report (PDF)
2024-12-31Q4 2024 (3M)OK5002.7
y/y 14.3%
—
y/y —
-322.4
y/y -194.6%
—
y/y —
544.7
y/y 265.0%
-873.4—16941.1
y/y -0.0%
—
y/y —
—-0.5Report (PDF)
2024-09-30Q3 2024 (3M)OK-2130.1
y/y -1.7%
28.7
y/y -39.9%
170.9
y/y 172.7%
199.6
y/y 9.9%
-232.1
y/y -66.6%
546.6—17760.1
y/y 0.9%
11053.0
y/y 3.2%
3.0%2773.1Report (PDF)
2024-06-30Q2 2024 (3M)OK2012.0
y/y 7.5%
99.4
y/y -3.4%
160.1
y/y 23.8%
259.6
y/y 8.5%
249.1
y/y -29.1%
602.8—17565.1
y/y 5.5%
17558.2
y/y 77.8%
7.9%2530.1Report (PDF)
2024-03-31Q1 2024 (3M)OK2227.3
y/y 2.1%
226.8
y/y 445.1%
162.3
y/y 6.9%
389.1
y/y 101.1%
300.4
y/y 6.6%
270.7-467.617095.9
y/y 2.1%
10290.1
y/y 2.9%
11.6%3336.2Report (PDF)
2023-12-31Q4 2023 (3M)OK4376.9
y/y —
497.8
y/y —
340.8
y/y —
838.6
y/y —
149.3
y/y —
1096.0-865.416942.7
y/y —
10394.4
y/y —
8.8%2910.9Report (PDF)
2023-09-30Q3 2023 (3M)OK-1797.9
y/y —
253.3
y/y —
-79.4
y/y —
173.8
y/y —
173.8
y/y —
385.2-172.117600.5
y/y —
10714.7
y/y —
12.3%3051.7Report (PDF)
2023-06-30Q2 2023 (3M)OK1760.7
y/y —
296.1
y/y —
108.5
y/y —
404.6
y/y —
493.5
y/y —
435.6147.116650.8
y/y —
9873.5
y/y —
15.6%3347.7Report (PDF)
2023-03-31Q1 2023 (3M)OK2181.9
y/y —
41.6
y/y —
151.9
y/y —
193.5
y/y —
281.7
y/y —
136.0-41.316747.0
y/y —
10000.5
y/y —
—3396.5Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents1 688
Net debt-1 688

Net debt / LTM EBITDA: -0.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-4 000 000-2 000 00002 000 0004 000 0006 000 0008 000 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-300%-200%-100%0%100%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1 500 000-1 000 000-500 0000500 0001 000 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-2 000 00002 000 0004 000 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.77x of reported net profit.
year202320242025
cash flow / profit1.80x0.00x1.77x
accruals, % of assets-4.4%6.5%-4.4%
Last twelve months (to 2026-03-31): 0.75x of profit came back as operating cash flow.
net debt / EBITDA 1.7x
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Key-commodity price — Brent crude

Current 87spot vs LTM +20%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +29.7%

Main driver: Brent crude +28% vs LTM; revenue ×1.20 vs costs ×1.04; EBITDA 1 502 190→2 692 183; at 12.0× EV/EBITDA → +30%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent crude (rev)+70%87.1868.1780.43+28%+18%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue9 371 488
LTM EBITDA1 502 190
LTM cash costs (revenue − EBITDA)7 869 298
2 · Revenue projection
Revenue multiplier — spot×1.195 (+20%)
= Spot revenue11 201 068
Revenue multiplier — 3y price×1.126 (+13%)
= 3-year-price revenue10 551 438
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs8 184 070
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs8 184 070
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 016 998
= 3-year-price EBITDA2 367 368
Conservative EBITDA = min(spot, avg)2 692 183
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA32 306 199
Net debt2 534 827
Target market cap = EV − net debt29 771 372
Current market cap22 950 756

Upside = target market cap ÷ current − 1 = +29.7%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +1% vs +11% the year before — a -9.7 pp move. 3-year CAGR +3%.
revenue growth by year: 2023 -4% · 2024 +11% · 2025 +1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.4x · target 75th pct (3y) 10.9x · LTM avg 8.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-06-23—National Company "KazMunayGas" paid dividends on common shares KZ1C00001122 (KMGZ) for 2025PaidKASE news

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.kmg.kz/en/investors/reporting/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of National Company "KazMunayGaz" JSC (KMGZ) — from primary filings.

KazMunayGas is Kazakhstan’s national oil and gas company, engaged in exploration, production, transport and refining across the value chain.

Frequently asked questions

What is National Company "KazMunayGaz" JSC (KMGZ)'s P/E ratio?
National Company "KazMunayGaz" JSC (KMGZ) trades at a P/E of 15.2x (price to trailing 12-month earnings).
What is National Company "KazMunayGaz" JSC (KMGZ)'s EV/EBITDA?
National Company "KazMunayGaz" JSC (KMGZ) trades at 18.1x EV/EBITDA.
What is National Company "KazMunayGaz" JSC (KMGZ)'s P/B ratio?
National Company "KazMunayGaz" JSC (KMGZ) trades at a P/B of 1.8x.
What is National Company "KazMunayGaz" JSC (KMGZ)'s dividend yield?
National Company "KazMunayGaz" JSC (KMGZ)'s trailing 12-month dividend yield is 1.1%.
What is National Company "KazMunayGaz" JSC (KMGZ)'s return on equity (ROE)?
National Company "KazMunayGaz" JSC (KMGZ)'s ROE is 8.5%.
What is National Company "KazMunayGaz" JSC (KMGZ)'s market capitalization?
National Company "KazMunayGaz" JSC (KMGZ)'s market cap is 22858.6 bn KZT.

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